Bass Pro Shops will pay less for Cabela’s

Bass Pro Shops has amended its merger agreement, lowering the price it will pay to acquire Cabela’s Inc., the St. Louis Business Journal reported.

Bass Pro Shops will acquire Cabela’s for $61.50 per share in cash (about $5 billion), instead of $65.60 per share (about $5.5 billion) per the original deal, the article said.

Cabela’s has entered into an agreement to sell some assets of its bank subsidiary, including $1.2 billion in deposits, to Synovus Bank. The banking operation issues store-branded credit cards. After that deal closes, Synovus will sell the bank’s credit card assets and related liabilities to Capital One, the article said.

Capital One Finance Corp. had originally agreed to acquire Cabela’s banking unit, but that deal fell through because Capital One said it wouldn’t be able to receive regulatory approval in a timely manner, the report said.  (Source: St. Louis Business Journal, April 18, 2017.)